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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 472.22

-1.3%

Nov 21 9:30 AM EST

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To: Susan G who wrote (21546)	7/30/2002 4:44:09 PM
From: the options strategist	Read Replies (1) of 26752

Report from Jerry Favor if anyone interested. Jerry was able to exactly peg last week’s reversal day and wasn’t surprised by Monday’s rally (The third largest point gain in Dow history) but believes that the Dow will find resistance at the 8700 level. <The Dow closed at 8711 on Monday>. That was the good news ! Optimists may want to stop here. Jerry expects a short term cycle high on the 30th (+/- one day). Jerry projects that the Dow will retest last week’s lows within a week and traded in a trading range for the next 5-10 trading days. Then Jerry thinks that things will really get bad. He believes that the Dow will set a new low for the year before forming the absolute bottom in early to mid August. That move will establish the fifth leg of a completed Elliot Wave pattern. That should set even worse levels of dread and despair than we saw last week and help the markets to truly establish that long lasting support level. Optimists may return now !!!! Jerry then believes that the Dow and Nasdaq will trade significantly higher from these levels and that the Nasdaq should see even better results than the Dow through the rest of the year.

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